Thursday, December 8, 2011

Current balance vs available for clearing checks?

If your available balance in your checking is $1000 and you have $325 on hold, because it takes 3-5 days to clear, so the current balance (not available) is $1325 but available balance is $1000 - will bank pay for a check that is $1200 even though thte $325 has not cleared yet and is in the current and not in the available balance?|||No the bank will wait for your $325 to clear before they clear your check for $1,200 because your $325 may be dishonored. In that case your actual balance is only $1,000.|||They will only ever pay off of the available balance. If you write the check and they do not deposit/cash it until the hold is taken off in 3-5 days, then you'll be fine, but if they tried it before that hold was taken off, then you'd be looking at a bounced check that would charge you a fee and you'd still owe those people their money. If know they won't be doing anything with the check for a while, then i'd feel safe enough writing it, otherwise, don't.





**And don't listen to the person who said the bank will wait for that 325 to be credited to you. lol do you honestly think a bank is going to hold on to your check to make sure your taken care of and don't get a fee? We'd have to hire soo many more employees to watch for things like that, and "take care" of customers who don't know the rules of banking. They like when you get fees because they make money. Having worked at a bank they quickly tell you that customers that often overdraw their account aren't bad customers at all because as long as they have a postive balance in the end, they are paying those fees and we get to make money off of them, so yay!! Don't let the bank screw you as I've seen them screw sooo many others.

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